ENA, a newly launched governance token from the decentralized protocol Ethena Labs, has swiftly captured the attention of crypto market participants, with recent whale activity drawing significant focus.

As a governance token, ENA empowers holders to influence crucial decisions and directions for the Ethena Labs platform, enhancing its appeal among those seeking to shape the future of decentralized protocols.

Whale's Significant ENA Transactions

According to Coin Edition, a recent report from the crypto monitoring platform Spot On Chain highlighted a notable move involving ENA tokens that caught the eye of market observers. A crypto whale, identified by wallet address 0xbba, was observed withdrawing a substantial 11.17 million ENA tokens from the Binance exchange.

The monitoring platform reported that this transaction occurred in multiple parts over the last 48 hours, totaling an impressive $15.95 million at the latest update.

Ongoing Whale Activity

Further scrutiny of transaction records revealed additional activity by the same investor. This anonymous whale executed more moves, notably transferring 5.576 million ENA in two separate transactions worth over $8.197 million from Binance.

Consequently, this brought the total withdrawn by this particular investor to over 16.74 million ENA, currently valued at around $24.44 million.

Involvement in Staking

Beyond mere withdrawals, this whale has significantly engaged with the Ethena Labs ecosystem following their transactions. Spot On Chain disclosed that the whale has actively participated in staking activities immediately after withdrawing the crypto from the exchange.

Specifically, this wallet has staked 5.59 million ENA in Ethena Labs, elevating the whale to the fourth-largest staker position within the ENA ecosystem.

Considering the ongoing nature of these withdrawals and the potential for additional crypto staking, Spot On Chain suggests that this anonymous investor could soon rise to become the largest staker in the ENA contract, a development that could have significant implications for Ethena Labs' governance and strategic direction.

Influence of Other Whales and the ENA Market

On the other hand, the whale with the label 0xbba is not the sole significant player in the ENA market. Other wallets previously identified by Spot On Chain have transferred substantial amounts of ENA from Binance and subsequently staked them. These transactions involved transfers and staking of over $8.5 million in ENA tokens.

Furthermore, market tracker Lookonchain reported another significant transaction where a wallet exchanged Ethereum coins worth $3.14 million for ENA. These large transactions indicate a growing interest in ENA and demonstrate a strengthening market position despite broader crypto market fluctuations.